Bioreactors and Fermenters Market pegged at a CAGR of 12.2% from 2016 to 2024
An instance of this would be Merck KGaA’s decision to enter the Asian market by establishing a new pharmaceutical production plant in China. Furthermore, another leading vendor in the global bioreactors and fermenter market, Applikon Biotechnology, started a new production facility in Guangzhou, China, in March 2014. The new facility is expected to be able to provide a broad range of bioreactor systems, help in reducing the lead time, and significantly improve the local technical support for its customers in the China market.
Transparency Market Research states that the global bioreactors and fermenters market, pegged at US$1,779.1 mn in 2016, will reach US$4,461.0 mn by 2024 at a CAGR of 12.2% from 2016 to 2024.
bioreactors fermenters market
Asia Pacific to Present Promising Growth Avenues
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On the basis of product type, the market has been segmented into single-use and multi-use. Of these, the segment of multi-use bioreactors presently accounts for the dominant share in the global market. However, the segment of single-use bioreactors is expected to register growth at a more promising pace, nearly 13% CAGR, as compared to the multi-use segment over the forecast period. Single-use bioreactors are finding increased demand owing to benefits such as quick assembly lower capital expenditure, and smaller footprint, and are expected to gain traction owing to the significant rise in demand from developed countries and new start-up biotech companies.
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From a geographical standpoint, North America is anticipated to be the leading regional market for bioreactors and fermenters in terms of revenue contribution to the global market, chiefly owing to the presence of leading bioprocessing manufacturers and the rising demand for biologics. However, the Asia Pacific market is anticipated to be the leading regional market in terms of growth rate over the forecast period. The Asia Pacific bioreactors and fermenters market is projected to record a commendable 14.3% CAGR from 2016 to 2024, owing to the emergence of strong local players in countries such as India and China.
Rising Demand for Personalized Medicines to Fuel Growth
The leading factors to have boosted the global demand for bioreactors and fermenters in the past few years include the increased adoption of hybrid technologies, which use single-use and stainless steel systems, and the increasing popularity of single-use disposable bioreactors among biopharmaceutical companies and contract manufacturers. The market is also driven due to the rising prevalence of a number of chronic diseases, which has consecutively increased the world’s appetite for biologics, drugs for orphan diseases, and personalized medicines. These factors are expected to remain at the helm of all major developments expected to be observed in the global market for bioreactors and fermenters in the next few years.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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